TRID Advice for Sellers and Buyers

Seller Agent’s Advice for Clients:

  • Explain how important timeline dates are, and that all parties must adhere to dates written in the contract in order for the loan to close on time.
  • If seller promises repairs, they must be performed as contractually defined, otherwise the sale is in jeopardy. It is in the seller’s best interest to make repairs at least 10 days before closing so that the buyer can inspect the work done and ensure it meets with their satisfaction, to avoid delays.
  • If seller doesn’t ensure the property is broom clean and all personal property and rubbish removed by the closing, the closing is in jeopardy. This often overlooked step is very important.

Buyer Agent’s Advice for Clients:

  • Before finding their dream home, speak to area mortgage professionals about financing options, obtain buyer’s obtain a pre-qualification from their preferred lender.
  • When the buyer is “shopping” for a loan and deciding on the right choice for them, have them also ask for a copy of all materials that they will need to provide to the underwriters to obtain a mortgage commitment. [bank statements, copies of taxes etc..]. Encourage them to prepare in advance so that they will be able to react quickly when they find their dream home. Ask for the attorney list, if any.
  • Have buyer’s select their closing Attorney before or no later than drafting the P&S. Make sure the buyer understands that the attorney represents both them and the bank, so they must confirm that the attorney is approved to close on their lenders list.
  • Remind Buyers they must adhere to the closing timelines, or jeopardize deposit money
  • Alert buyer’s that last minute re-negotiations could delay closings by 3-10 days or halt the transaction if the purchase price is affected and the home just met appraised value. Changes to the original purchase price can delay closings or affect mortgage commitment.
  • If a buyer requests the seller perform repairs based on inspection issues, the buyer should inspect the repairs to meet their satisfaction at least 10 days before closing to avoid any delays.
  • If there are walk thru issues, they should be resolved between the buyer and seller whenever possible. If that isn’t possible, the buyer’s lender / attorney should be contacted immediately.
  • Provide buyer’s with a link to the 28 page “Your Home Loan Toolkit” found at AtHomeInTheBerkshires.com/homeloan